Chief Operating Officer (COO) of KIA Lucky Motors, Muhammad Faisal while talking to the meeting of Korangi Association of Trade & Industry (KATI) said that the production plant of KIA was completed with an investment of 20 billion rupees in record duration of one and a half years. He said that in the joint venture with South Korean Automobile manufacturer KIA , Yunus Brothers Group (YBG) Pakistan has invested 20 billion rupees , which was a debt free equity-baked investment with the capacity of 50,000 unit.
With the introduction of new automobile companies in Pakistan It is expected that a healthy environment of competition will emerge in automobile sector. Head of KATI’s Standing Committee on Automotive, Ghazanfar Ali Khan explained that car ownership is estimated around 17-18 cars per 1000 people in Pakistan, which makes this a market with huge potential for growth.
It is pertinent to mention here that the government is taking serious measures regarding Electric Vehicle Policy which to save petroleum import bills and promote safe environmental condition. It is expected that by 2030 around 30% of cars on Pakistani roads will be electric.
Former Presidents of KATI Akbar Farooqui, SM Yahya , Muhammad Anis and other prominent industrialists and businessmen attended the meeting.